KALYAN SEN Vs. GIFT TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged the initiation of criminal proceedings against the petitioner under Section 35(1)(a) of the Gift-tax Act.

(2.) In or about 1959, the petitioner and his brother and some other members of his family promoted M/s. Allied Resins and Chemicals (Private) Limited. The petitioner had a large block of shares in that company. The shareholdings of the petitioner and other assets were shown in the petitioner's wealth-tax return and the petitioner was regularly assessed to income-tax and wealth-tax.

(3.) On or about June 20, 1966, the petitioner transferred to his wife, Kalpana Sen, 500 ordinary shares of the company of the face value of Rs. 10 each.